My wife and I are trying to build up her credit, so we decided to:
- Add her as an authorized user to my Card A, which is about 10 years old and currently my only form of credit. I'll call hers Card B
- And open a new Card C at a different bank, also under my name, and add her as an authorized user to that as well. I'll call hers Card D
My plans are to eventually get rid of Card A and close all of my accounts at that bank (due to the laughable APY on the accounts). We already have shared accounts at the bank of Card C and Card D.
I want to move towards getting all use off of Card A so that I can lock the card but still keep it so I don't lose my oldest line of credit or take a hit to my credit limit. As part of this, I want to lock Card B when it arrives so it never gets used.
So this leads me to my question:
Will indefinitely locking both Card A and Card B have any negative affects on our credit scores?
Possibly relevant info:
- My score is around 750-775
- Wife's score is somewhere in the 600's (due to lack of credit, not poor credit decisions). Combination of this and her grad student income are why we is putting her on my cards
- I want to lock Card A and Card B rather than just not using them because I don't want to have to worry about them getting compromised